Manjunath G (N) (37 Points)
20 January 2010Hello Sir,
I have some doubts about Journal entries.
Outstanding Salary, Bad debts recover, outstanding interest.
please repply me... I know these are basics but in interview i didn't answered correctly.
And could u tell me about Contingent liability and when we dont use assets then also we depreciate assets??
Thanks in advance
saranraj
(CA FINAL)
(419 Points)
Replied 20 January 2010
1. outstanding salary:- Salary a/c Dr xxxxx
To Salary o/s a/c cr xxxx
saranraj
(CA FINAL)
(419 Points)
Replied 20 January 2010
2. Bad debts recovery if provision for bad debts account is maintained:
Provision for bad debts a/c Dr. xxxxxxx
To Bad debts recovered a/c Cr. xxxxxxxx
saranraj
(CA FINAL)
(419 Points)
Replied 20 January 2010
2. Bad debts recovery if provision for bad debts account is not maintained:
Bank a/c Dr. xxxxxxx
To Bad debts recovered a/c Cr. xxxxxxxx
saranraj
(CA FINAL)
(419 Points)
Replied 20 January 2010
3. I think what u are tellin is accrued interest. The entry should be made as below:
Accrued interest a/c Dr xxxxxxxxx
To Interest a/c Cr xxxxxxxxx
saranraj
(CA FINAL)
(419 Points)
Replied 20 January 2010
4. When a asset is in usable condition but not put to use, depreciation has to be calculated for that since an asset gets depreciated by lapse of time as per Accounting Standard 6.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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